The Indonesian market represents practically nothing for Swiss watchmaking. It sends there 5 to 10 million francs worth of watches per year, or less than 0.06% of its total exports, estimated at nearly 17 billion in 2020. And yet, the president of the Federation of the Watch Industry Swiss, Jean-Daniel Pasche, believes that a rejection of the free trade agreement with Indonesia submitted to a vote on March 7 would be “dramatic in the long term”.
“It would mean cutting ourselves off from a market of over 260 million people, which many experts say will become one of the world’s major economic powers over the coming decades. It is essential to gain a foothold there and forge an alliance quickly, rather than missing the boat and giving an advantage to competing nations, such as China or Japan, ”he commented on Time.